NIGERIA SPENT N1.24tr IMPORTING PETROLEUM PRODUCTS IN 5 MONTHS.


Almost two years into Buhari presidency, Nigeria spent about N1.24trillion between May and September importing petroleum products, according to statistics released by National Bureau of Statistics (NBS) yesterday.
This is in spite of the obvious problems petroleum products importation forced on Nigeria requiring urgent attention through local refinery revamping and/or establishment of new refineries.
The amount was spent importing about 10171.8m litres of petrol, diesel and kerosine within the five months.
Of this volume, petrol made up 77.2% or 7853m litres while diesel was 20.7% or 2110.3m litres and kerosine made up 2.05% or 208.5m litres.
In terms of value, the percentage share distribution changed only a little with petrol accounting for 77.4% or N958288.7m; followed by diesel with 20.6% or N254550m while kerosine accounted for 2.06% or N25463.3m.
For petrol, highest volume and value of import was in May when 2026.1m litres were imported at landing cost of N249876.2m.
In the case of diesel, the five month volume high was in July when 554036m litres were imported at N63824.9m. However, in terms of value diesel monthly high was  August's N68248.4m spent importing 550301.4m litres.
As for kerosine, in both value and volume May topped the bill with 86m litres imported at N10619.7m.
The NBS says the report was compiled with in house data and figures received from the petroleum products pricing regulatory agency of Nigeria.

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